Iran Bumps Up Crude Exports To Highest Level In Five Years

Iran

 

Iran’s crude oil exports were 2.11 million barrels per day in August—up 15 percent from July exports, according to Reuters, citing someone with knowledge of Iran’s tanker loading schedule.

The figures lend credence to Iran’s promise to return to pre-sanction production levels, despite the OPEC (and Russia) meeting on September 26-28 in Algiers that many are hoping will end with a production freeze agreement in order to quell the price freefall.

Although figures vary slightly depending on the source, crude oil exports from Iran in June were 1.9 million bpd, followed by 1.83 million bpd in July, according to tanker loading schedule data. The August figure represents a five-year high for Iran.

Iran’s export surge was made possible by India (mainly A Refinery), which took nearly 600,000 barrels per day—up about 33 percent from July levels according to Reuters—and its European customers which took 630,000 barrels per day.

Full article: Iran Bumps Up Crude Exports To Highest Level In Five Years (OilPrice)

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